are personally responsible for all possible liability.
There are also some tax implications that you should be aware of if you are a sole owner. Self-employment taxes will likely be paid.
The tax amount for this quarter is estimated. You will also be required to file quarterly tax returns in addition to your annual tax returns. While you most likely will file an annual Schedule C and 1040 return but it's not required.
Talk to an experienced accountant to make sure that you are compliant.
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Artists can choose to form partnerships through business models
It might be worthwhile considering a collaborative artist, or an art group with more than one owner If you have an employee in your company.
There are several options for how to do this. There is the option of a general or limited partnership.